Wilmington, Delaware, United States , March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Kids’ Storage Furniture Market stood at US$ 8.7 Bn in 2022 and the global market is anticipated to reach US$ 13.9 Bn by 2031. Market forecast estimates the industry to expand at a CAGR of 6.4% between 2023 and 2031. Growing parental concerns about providing their children with a better functional environment is anticipated to drive the global kids’ storage furniture market. In addition, the expansion of the global population is also anticipated to drive the market demand for kids’ storage furniture.
Increase in focus on early childhood development, a rise in disposable income, and urban population expansion are further projected to drive market development between 2023 and 2031. It is anticipated that rise in demand for multifunctional furniture would present profitable prospects for major industry participants. However, the emergence of alternative options and rise in price of raw materials is anticipated to impede market growth in the near future.
Managing and organizing toys can be done with the help of kids' storage furniture. Cleanup is made simple with the use of guide rails, low wooden frames, and lightweight plastic bins. The kids' storage furniture industry offers a wide range of kid-friendly storage options. Wood is a popular material for kids' storage furniture as it is strong, long-lasting, and has a vintage appearance that blends well with many different types of design. Additionally, it can be stained or painted in a range of colors. Plastic can be readily molded into a variety of forms and colors and is a lightweight, inexpensive material. In addition to being a popular option for toy storage, it is also simple to clean and maintain. Metal storage furniture has the strength and durability to support heavy objects. It can be also crafted in a variety of looks, including sleek and contemporary as well as vintage and industrial. These benefits are expected to fuel the global industry.
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Key Findings of Market Report
- The e-commerce sector has been growing rapidly in the last few years as more people are adopting smartphones and the internet becomes ubiquitous. Unlike traditional businesses, where consumers have limited opportunities, e-commerce gives consumers access to a large assortment of products. By 2023, it is anticipated that e-commerce websites would account for US$ 6.17 Trn worth of retail sales, or around 22.3% of all retail trade. In 2022, the U.S. e-commerce industry was valued at US$ 875 Bn, just surpassing China's market. At a retail volume of 4.8%, the U.K. is the third-largest e-commerce industry after China and the U.S. Therefore, it is projected that e-commerce growth would raise market demand for kids’ storage furniture.
Global Kids’ Storage Furniture Market: Growth Drivers
- Parents are highly concerned about the growth and development of their children. They are spending more on storage furniture to give their children's rooms a more fashionable and functional makeover. Toys and clothing are kept organized by using kids' storage furniture. Consequently, the growing requirement to keep kids' rooms orderly is projected to boost the growth of the kids' storage furniture market. Growing concern for children’s' overall development is expected to drive industry growth.
- According to the UN, there were around 2 billion children under the age of 15 world over in 2022. In 2021, there were around 26.2 million children in the US who were between 12 and 17 years old. Furthermore, the country had 22.9 million children under the age of five and 24.5 million children aged from six to eleven during that time period. Thus, it is expected that the market size of the kids' storage furniture industry would increase due to expansion in the population of children.
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Global Kids’ Storage Furniture Market: Regional Landscape
- Based on region, Asia Pacific is anticipated to lead the global industry for kids' storage furniture between 2023 and 2031. In the region, 16 million births occur each year in China and 25 million in India alone, accounting for over half of all births globally. As a result, market development in Asia Pacific is driven by an increase in birthrate and rise in disposable income.
- The kids’ storage furniture market in Europe and North America is expected to expand significantly in the next few years. Revenue in both the regions is increasing due to the presence of large manufacturers and increase in R&D spending on new products.
Global Kids’ Storage Furniture Market: Key Players
Some of the key players in the global kids’ storage furniture market are;
- Circu Magical Furniture
- Williams-Sonoma Inc.
- Ashley Furniture Industries
- Summer Infant Inc.
- Million Dollar Baby Co.
- Inter IKEA Systems B.V.
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Global Kids’ Storage Furniture Market: Segmentation
Product Type
- Chest of Drawers
- Wardrobes
- Others
Age
- 0-4 Years
- 5-8 Years
- 9-12 Years
- Above 12 Years
Material
- Wood
- Plastic
- Metal
- Others
Price
- Low (Below US$ 100)
- Medium (US$ 100-US$ 250)
- High (Above US$ 250)
End-use Industry
- Residential
- Commercial
Distribution Channel
- Online
- Offline
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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